Examples of First Year Payment in a sentence
Robert and Kurt Wood shall receive, to be shared in equal portions, the xxxxx $150,000 xxxx each of the First Year Payment and the Second Year Payment.
The First Year Payment shall be made, if at all, within sixty (60) days of the First Anniversary, unless the Contingent Event is one described in (c)(ii) or (iii) below, in which case the First Year Payment shall be due and payable immediately upon the occurrence of such Contingent Event.
On or about the First Year Payment Date, Buyer shall deposit, or shall cause to be deposited, with the Exchange Agent, for the benefit of the former holders of Certificates, cash in an amount sufficient to pay the aggregate amount of cash payable pursuant to Section 1.5(a)(iv) (such cash, together with any dividends or distributions with respect thereto, being hereinafter referred to as the "First Year Exchange Fund") to be paid pursuant to Section 2.2(a).
Any fees to be paid by the former shareholders of the Company pursuant to the immediately preceding sentence shall be paid by reduction of the First Year Payment Amount or the Second Year Payment Amount, as applicable, or if that is insufficient to cover such fees, by the Shareholder Representative.
The Company hereby promises to pay, or to cause Employer (as hereinafter defined) to pay Executive the First Year Payment, subject to Executive’s continued Services through 31 December 2017, within fifteen (15) days following 31 December 2017 and the Second Year Payment, subject to Executive’s continued Services through 31 December 2018, within fifteen (15) days following 31 December 2018.
After the First Year Payment Date, each individual or entity which theretofore has surrendered a Certificate for exchange and cancellation to the Exchange Agent, together with such letter of transmittal, duly executed, shall be entitled to receive the portion of the Merger Consideration, if any, to which such individual or entity shall have become entitled pursuant to the provisions of Section 1.5(a)(iv).
If, for whatever reason, TEAM elects to pay any amount of the Health Liabilities, TEAM will have the right to offset such payments against either the First Year Payment or Second Year Payment.
The balance of the Purchase Price will be paid in two installments: the first, to be paid within 14 months of Closing, will be an amount which when added to the Down Payment equals 57 1/2% of the first 12 month's actual Gross Profit ("First Year Payment"); and the second, to be paid within 26 months of the Closing, will equal 30% of the second 12 month's Gross Profit ("Second Year Payment").
The balance of the Purchase Price will be paid in two installments: the first, to be paid within 14 months of Closing, will be an amount which equals 50% of the first 12 month's actual Gross Profit ("First Year Payment"); and the second, to be paid within 26 months of the Closing, will be an amount which when added to the down payment equals 25% of the second 12 month's Gross Profit ("Second Year Payment").